Barrick Gold's $60B North American spinoff moves forward despite stock slump
Barrick Gold is pushing ahead with plans to spin off its North American mining operations. The move includes forming a new leadership team and preparing for an initial public offering (IPO) later this year. Despite recent stock declines, the proposed spinoff could be valued at over $60 billion.
The company's shares have dropped by 25% in recent weeks, falling to around $46.65. This follows production cuts, legal disputes, and a correcting gold price—even as Barrick reports record revenues and higher dividends.
The new North American division will cover Barrick's mines in Nevada and the Dominican Republic. It will also include the company's Fourmile project in Nevada and its joint ventures with Newmont in both regions.
Barrick has assembled a seven-member leadership team for the spinoff. Tim Cribb will serve as chief operating officer (COO), while Wessel Hamman takes on the role of chief financial officer (CFO). The company plans to sell a 10% to 15% stake in the North American business before the end of the year. This comes as Barrick adjusts its 2026 production forecast to between 2.90 and 3.25 million ounces of gold, down from earlier estimates. Despite the stock decline, the spinoff remains a key part of Barrick's strategy. The company has highlighted strong financial results, including record revenues and increased shareholder payouts, as reasons for confidence in the new venture.
The North American spinoff is expected to launch as a separate entity with a potential valuation exceeding $60 billion. Barrick will retain a majority stake while offering investors a share of its key mining assets. The new leadership team is now in place to oversee operations ahead of the IPO.
